John Deaton's Top 10 Crypto Picks for Next Bull Market Revealed
John Deaton, a renowned figure in the cryptocurrency legal sphere, has recently shared his predictions for the cryptocurrencies that are likely to excel in the upcoming bull market. His forecast, which includes a variety of digital assets, was shared via a tweet, where he initially engaged the crypto community by asking them to nominate their top ten tokens for the next twelve months.
Deaton, Managing Partner of Deaton Law Firm, is the founder of CryptoLaw, a website focusing on U.S. legal and regulatory developments for digital asset holders, and the host of the YouTube channel CryptoLaw.
Deaton’s selection is a mix of established giants in the crypto world and emerging tokens. Leading his list is Bitcoin (BTC), the original and most influential cryptocurrency. Notably, Deaton has shown a strong preference for XRP, placing it above Ethereum (ETH) in his rankings. Ethereum, known for its pivotal role in decentralized finance, is the second-largest cryptocurrency by market value.
Deaton’s bullish outlook extends to several other cryptocurrencies. Fourth on his list is Quant (QNT), known for its role in enhancing blockchain interoperability. Following QNT is Render Token (RNDR), which aims to transform the digital content creation industry through decentralized graphics rendering.
Solana (SOL) also features on Deaton’s list, recognized for its position among the top ten crypto projects. The list is rounded out with Kaspa (KAS), Avalanche (AVAX), Hedera Hashgraph (HBAR), and Casper (CSPR). These selections highlight a diverse range of functionalities and potential within the crypto market.
On November 7, John Deaton took to social media platform X to share insights into his cryptocurrency investment journey, particularly in the context of the U.S. SEC’s lawsuit against Ripple Labs initiated in January 2021. At that time, Deaton’s portfolio was heavily weighted towards Bitcoin (BTC), with Ethereum (ETH) and XRP also forming significant parts of his holdings. He noted that his Bitcoin investments were once ten times that of XRP, and he held three to four times more Ethereum than XRP.
Deaton reflected on how his involvement in the legal battle against the SEC influenced his investment strategy, particularly his growing belief in XRP’s potential. This led him to substantially increase his XRP holdings, a decision he describes as driven by his heart and a sense of solidarity with the XRP community in their collective stand against the “bad guys.”
He also discussed the current perceptions of the three major cryptocurrencies. Deaton speculated on Bitcoin’s potential to surpass gold’s market cap, envisioning a future where its value could exceed $500,000 per coin. He acknowledged XRP’s significant role in the realm of cross-border payments, citing impressive figures from the sector. In 2022, cross-border payments to businesses reached $2.8 trillion, with business-to-business transactions exceeding $150 trillion. With projections of the market growing to $290 trillion by 2030, Deaton expressed optimism about XRP’s future value, though he remained cautious about overly ambitious price predictions.
Turning to Ethereum, Deaton examined its standing amidst rising competition from platforms like Solana (SOL), Cardano (ADA), and Avalanche (AVAX). He discussed Ethereum’s perceived regulatory advantage, which he believes provided it with a monopolistic benefit during a crucial period of growth. Deaton referenced statements from Ethereum co-founder Joseph Lubin and investor Mike Novogratz that acknowledged this advantage.
In his concluding remarks, Deaton criticized the ethical implications of Ethereum’s regulatory favoritism. He particularly focused on Lubin’s public approval of the SEC’s crypto regulation approach while condemning similar practices in other projects, akin to Ethereum’s early days. Deaton called for a reevaluation of the changes made to former SEC official William Hinman’s speech on Ethereum’s decentralization, postulating that Hinman’s meeting with Ethereum co-founder Vitalik Buterin might have influenced the SEC’s regulatory stance on Ethereum.
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